高管持股、内部控制与企业社会责任

本文以2012-2016年沪深A股上市公司为样本,对高管持股与内部控制对企业社会责任的影响进行了实证研究。研究发现,社会责任承担水平与高管持股比例具有倒"U"型关系,企业社会责任的承担水平随着高管持股比例的增加先上升后下降;内部控制质量越高,则社会责任履行水平也越高。进一步研究发现,内部控制对高管持股效应具有调节作用,高质量的内部控制制度弱化了高管持股对企业社会责任履行的负面作用。基于此,从政府和企业两个层面提出了对策建议:政府要完善企业内部控制准则并加强监管;企业要合理控制高管持股比例,同时要认真贯彻本企业的内部控制制度,从治理结构和治理制度两方面去提升企业社会责任。

This paper takes Shanghai and Shenzhen A-share listed companies from 2012 to 2016 as samples to make an empirical study on the impact of executive ownership and internal control on corporate social responsibility.The results indicate that there is an inverted U-shaped relationship between corporate social responsibility and executive ownership ratio.The CSR commitment level first rises and then decreases with the increase of the proportion of executive ownership ratio.The higher the quality of internal control,the higher the CSR performance level.Further research shows that internal control has a regulatory effect on executive ownership and high quality internal control system weakens the negative effect of executive ownership on corporate social responsibility performance.Based on this,this paper puts forward countermeasures and suggestions from two aspects of government and enterprise:the government should perfect the internal control criterion and strengthen the supervision,the enterprise should control the executive ownership ratio reasonably and carry out the internal control system of the enterprise seriously to enhance corporate social responsibility from the governance structure and governance system.